Energy Minister George Lakkotrypis on Wednesday admitted that international firms carrying exploratory drills offshore Cyprus expected to find more deposits in plot 11 than what they announced a day earlier.
But what matters from the drill carried out by Italy’s ENI and France’s Total is its geological model which is similar to that of ‘Zohr’ in neighbouring Egypt.
“And this is something that gives us very encouraging prospects in various other formations that have been spotted, mainly in plots 6, 8 and 10 and not only,” the Minister also told state radio.
On Tuesday, Lakkotrypis said that the exploratory drill by Italian-French venture Eni-Total found natural gas but not enough to exploit.
“The data obtained from the exploration drilling and the evaluation so far have shown the existence of natural gas…preliminary estimates show that the amount of gas discovered does not make the deposit a stand-alone project,” he added.
Zohr gas field that could hold 30 trillion cubic feet of gas.
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The minister said information gathered during the drill will be used to prepare further studies, aiming at the final evaluation of the results and define future research by the joint Eni-Total venture in block 11.
The record Zhor find has raised hopes that there is more untapped wealth to be found off Cyprus.
US firm Noble Energy made the first find off the southeast coast in 2011 in the Aphrodite field (Block 12), which is estimated to contain around 127.4 billion cubic metres (4.54 trillion cubic feet) of gas.
Block 12 has been declared commercially viable but an action plan on the next steps has yet to be finalised.
Italian-South Korean venture ENI-Kogas has so far failed to discover any exploitable gas reserves in deep-sea drilling off the island.